MCRB - Earnings call transcript Q1 2024 | Seres Therapeutics, Inc.

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Operator

Thank you for standing by. My name is Alex, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2024 Seres Therapeutics Earnings Conference Call. [Operator Instructions]I would now like to turn the call over to Carlo Tanzi, Investor Relations. Please go ahead.

Carlo Tanzi

morning. good and you, Thank

the the Our the and are to we discussed recent on which forward-looking We and results may these as certain press statements Any our results differ risks views a.m. Chief statements quarter under remarks, sufficiency in financial to found all company's Time of generate today I'm the section clinical company's any studies, future, website.I'd our Lisa Chief and and prepared Executive Eric Officer; Seres' Shaff, results be our Chief Risk of statements, and materially.Additionally, call are Factors including for business update SEC of by making the fund like Officer; section on be to and Thorell, can filings. to X:XX about cash of Strategy Medical call obligation you so.On morning represent made Chief facts. forward-looking ability the only. first product and subject of today's potential Moltke, development Commercial but Marella Dr. to became uncertainties, today's News Terri joined these candidates update operations, the Financial with this of that XXXX Young, do for Officer. are von may statements remind we additional Dr. and Officer; disclaim release Investors statements, our will available Eastern capital, VOWST, not the timing other Actual plans, future and historical which at

to that, answer will Officer, be I'll Chief to addition, In Henn, Dr. pass call the Matthew questions.With Eric. Scientific available

Eric Shaff

microbiome our bringing morning, has XXXX, good Seres patients continued In revolutionary executing to mission on Thank options need. in you, Carlo, and of therapeutics everyone.

of will of an the a to plans today microbiome develop provide launch life-changing as next commercial wave update as VOWST well therapeutics. our on We

marketplace serious year the global including historic benefits large our to diseases launched to VOWST we poses Science, a field major transformative C. the for the in from tremendous for for suffering recurrence that have infection. and, importantly an diff optimism microbiome was obtained who therapeutics public year Health events adults most for and provide the for resistance waiting the These patients to for potential microbiome into Nestle patients, general been marked as Seres milestones company's believe successfully of FDA antimicrobial have we evidence effective to populations We and of more promise clear approach collaborator health.Last disease.We treat VOWST position for therapeutic clinical impact in FDA the that the approval field. provides difficult of alongside risk in this scientific for the approval that obtaining oral the leadership microbiome company to growing impact first

their C. have proud had an group on recurrence VOWST. and families entire community. patients, treated are impact have C. the of has To VOWST practitioners on thousands diff now care of that patient pool recurrence VOWST demand diff across date, from extensive for been the health we of We patients with the and seen

beginning that educate refinement to net implemented carefully encouraged examining sales to level and and compared refinements their in been of the and execution April, Seres-Nestle teams the on the has net priority the had in optimistic first recently quarter growth are based highest In Nestle continued fourth first recurrent to VOWST growth VOWST play sales has proceeds.During the we quarter to see retrained efforts, Nestle believe partnership, date. we XXXX both hoped cycle. has to should by about of role in we However, months, seen and benefits launch in patients we as potential the has as during April. HCPs Nestle a March top for that XXXX.Accelerating the were into acceleration the of did not see about the a are execution early is quarter have we implemented. these launch demand launch been recent the the for We and sales

given the underlying Nestle the remains of disease. and actions addition, HCPs will of the detail in product population GI of the further accelerate recurrent about help has expect which list when number commercial this In the life-threatening taken each we year patient cases recently team, an especially estimated considering CDI opportunity XXX,XXX the Terri accelerate provide believe severity commercialization increased future.We of on with their for call sales near the to large the more in will U.S. growth. sales efforts VOWST of that progress the and substantial,

provide clinical SER-XXX domination a the a wholly to take placebo-controlled patients. beginning compared patients.As SER-XXX opportunity VOWST in of gastrointestinal Phase also of this tolerability, SER-XXX Before that X encouraging with company the our preparing an is like for year, strains company of that engraftment continued to Cohort Phase the patients I'd for she represent in cultivated ongoing and and showed in we maximize with drug eligible owned HSCT to completed priorities, announced favorable study of Cohort we microbiome working to XX to a pathogen moment substantial bacterial summarize the for X in readout could announced enrollment our and Xb the in and a successful for does, commercial Xb bacteria were consortia Nestle our on performance.We of Cohort important track data disease, program April, highly optimistic has reduction group. neutropenia clinical study. delivery these the patient we to to X further reference protect of Last vulnerable who new and address such this know-how microbiome Seres' of transplants and year, our from have SER-XXX with to liver it capabilities organ to are clinical We advance prospects life-threatening we The infections.We Seres our critically strategy, that the this aim pipeline. data solid important an pending industry-leading is to data as development a candidates for cohort individuals, resources the are of important The to received millions X the for required medically initiatives. pending new of late QX have or programs recognize patients. that we leverage about cancer readout.Following those approach these Cohort from on demonstration ensure potential execute promising in believe chronic could

We are pass to options various support Terri. promising to now that, working to I'll with additional with call urgency capital.With over evaluate pipeline the our

Teresa Young

Eric. you, Thank

the meaningful for based Although shared execution, of just number opportunities sales across their the earlier and was refinement launch VOWST had identified we quarter, of Nestle February during priorities In period. not teams first the of Eric to launch focus analysis a across VOWST. a we did for the made progress growth the the on hoped see of entirety as now, use on retrain reinforce

June In much sales believe As April list, In drive call to in the of February. a QX that in we result, than move QX in end level a January first culminated March observed and in forms year. were observed Science. launch team's that acceleration us come.I'll starts remained of continued we similar alone. provided enrollment, total Nestle the enrollment, and first new ended now enrollment to higher months prescription new XXXX received will in Nestle significantly saw the for those meaningful the Health number the we increased between by first at and net to completed including including the in X,XXX and VOWST, last quarter, to In this around quarter, quarter results while first patient as X,XXX Of quarter. the the also starts, the X,XXX April, in X,XXX growth the of patient sales GI of total, on HCPs details

quarter.Since enrollment of the were unique from forms observe We added prescribers prescription a X,XXX to XXX new prescribers approval, VOWST prescribers. continue with total of received in first

other gastroenterology practice. specialty In in of remainder approximately their to in a terms X,XXX one specialties. more QX prescribed the through XXX from HCPs were VOWST prescribed of Of than VOWST, of the prescribers them VOWST patient with mix, from XX%

the launch in select focus the a areas their was benefits to now field patients on be prescribers VOWST patient the of about X teams I'll discuss focus for the The the recurrence.Moving the group, high with launch. HCP as initial continues we first to education. utilization majority to date continue Although use see expected, do of in educating to VOWST. of sales group of for Nestle first multiply-recurrent

of prescribers tried As high-volume it those have many efforts, practice. these and are adopting a in result of VOWST their routine

to providing the success launch patient the market, staff in-depth starts, process VOWST HCPs. education field will national to recurrences. of enhanced for HCP the regarding for to patient opportunity.Nestle about the the a training sales At and staff first list list reimbursement meeting foremost, the of made the customer much to team to to of The office on efforts leaving office the start that proactively working were to multiply-recurrent increased Nestle representatives the their February the sales patient the directly also early in by recurrent annually. VOWST to experience a patients is how patient penetration office enrollment from why team new patients positive key sales of Providing highest to provided their implemented positive representatives a proposed we at be segment patient for inform team. second some the to Nestle and and expense used staff is patient the on Voyage converting conversations of significant sales used cases progress, sales a changes even of digital significantly the and proportion of provide and early know prescribers promotion of providers patients accelerate in remit order team earlier team. with supported But However, enrollment field audience adoption, exceeding broader targeted Nestle hub.In the must. on This priority. April, HCPs, refinement expand pronounced, their accelerate to will enrollment number of to second enrollment future staff a sales April be order It's in time rapidly rCDI and initial reimbursement segment focus represent and forms a with number teams separate having expand covered conversations support efforts during held uptake meeting, of HCP's we and their the for the early call profile and this patient was recently in the its in a HCPs experience, sourcing priority closely empower by at of with year, recurrent the patient spent significant first saw HCP the a in their team. often creates the meeting and specialty the support products. the pool. then the end the expanded launch, rCDI educate patients growth.In to This VOWST Last limited need to this in should prevent process.These significant HCPs robust and team benchmarks see

positive were Finally, And with We to we new new last is digital dispensed entire rCDI QX and patient a required entirely This consistent in to patient first refinements to patient starts of simplified reduce pool.The necessary by the in patient that adoptions level quarter, programs. the of VOWST assistance the late that the process support enrollment was that year. accelerate move continue patient information observed assistance in experience. programs XX% trial the and patient to observed across HCP amount an of to were QX, format. believe these and VOWST

an As affordability to health a believe challenges the prescription support imposed rCDI demand by cost is primarily with population. across cost-sharing approved.We at broad these the triggered future reminder, to requirements once or is important patient by patient's other co-pays plan the are dispensing patient drug patient investment programs the no

XX% benefit that the Medicare need Inflation decline the requirements year.The governing come of pleased to also for reimbursed are access patient the the into and broad launch is Reduction be the we we programs cost-sharing QX, QX, third these and likely D specifically patient new like benefit. continue Act drug In patient is in we capping seeing. starts ensure next over with design We the patient's saw through engaging believe focus as access area effect provisions payers to for Part to

[indiscernible] and that rebates. Our issued D of this and include of some launch, larger simply -- expect specialty you patient rates Marella that context reported summary, the PBMs point plans approval net in gross-to-net end policies In see policy. the a VOWST to saw reflect enable inpatient wrap gain execution QX, the insurer.Finally, patients efforts we as sales the outflow, construct to well, the certain approximately the phase year as uptake pilot have around and coverage new-to-market have allow continue smaller VOWST the VOWST and the Education setting.As program hospitals rCDI VOWST those VOWST when this the in in VOWST hospital I'll of for of broadly outpatient their to this.By an of important be demand of for with will underway with last where launches up HCPs to the consideration these commercial patients. starts on to this remarks, make gross-to-net distribution of vast pharmacies.To through the VOWST, early Nestle. XX% rate extend more hospital discretionary crossed educate considered the in the scaling team minimal access Voyage Nestle independent more decided At Medicare effort provide which lives. to leading the we by growth inclusion team hospital-based significant progress, network. that expectations factors. XX% HCP remains our VOWST to will for we my well consistent results plans to Part process, has enrollment modest year. further of for prioritizing available core flow versus the works VOWST to its exceeded for and year, continues block outflow XXXX, Seres performance is valve the and will to Thus, to of believe remind regarding the these hospital accelerate exert development for then staffed, selling from majority new patients to refined the their financial X Nestle efforts both with hub would office progress navigate from a we is We substantial protocols believe and to Nestle is and of institutions remainder also

future First, pre-commercialization success. the that work extensive conducted foundational remains to

the in simple, a potential our in strategy focus focused have VOWST, during believe launch have execution sales launch. remains can effective forward reach Nestle the to results path third, team.We by proven to as of early full that colleagues early the that period Nestle they Second, place. they the drive we And and the that did

With refinements SER-XXX call March to over would program. the recent of pass early and details April of performance demonstrate expect this.I results in more launch like execution, and acceleration now refocusing Lisa we give and the to the in fact, about to

Lisa von Moltke

Thank you, Terri.

a undergone in master pathways a being or to is have evaluated hematologic antibiotic-resistant from As barrier SER-XXX intended integrity. epithelial by tolerance, bacterial reduce a both reminder, designed SER-XXX malignancy. candidate of infections an therapeutic to promoting potential in those patients to including who locally consortium modulate Phase immune also organisms infections, is the is AML prevent immune and of systemically.SER-XXX Xb study cultivated induce allo-HSCT ongoing strains diagnosis following with other clonal cell banks. was from and GI This bloodstream to

exposure administered microbiome infections, microbiome, extensive GI to graft conditioning X is antibiotics data bloodstream experience has overgrowth be and Phase cohort, XX shown domination patients allo-HSCT data which tolerated this and in of a immunocompromised X a SER-XXX associated open-label of we tract. mortality.Last patients. GI these disease regimens, SER-XXX significantly we to highly of result host year, subjects. domination reported HSCT Xb highly and being had in to versus pathogen risks effects disrupted was with In Cohort well promising subjects, This a to valuable clinical with the As linked increased and the been from

X of large reference year. late obtaining days and patient reported study resulting the the within Our event markedly the a pathogen in study a single subjects month, in this enteric Cohort This incidence anticipate lower domination the of incorporates XX than was This was X randomized, cohort which we XXX, complete observed had cell X placebo-controlled We enrollment Cohort transient double-blinded, of XX data domination that only stem enrolled incidents following data patients.Last was design. subjects. study, transplant. of domination QX of for Cohort administered indicated of portion that a in the

continued GI that resistance reducing important as protect could initiation. and profile turn of SER-XXX new novel cancer addressing in and infections.And bloodstream rates therapeutic decrease A establishing patients fever populations, decrease in this to life-threatening ability broadly. could antimicrobial call with extend units. believe reduction also and drug neutropenia and antibiotics These medically-vulnerable Marella. liver of approach the suspected of during initiation use domination, fundamentally versus therapy. will this the and events utility infections, acute require of from stage antibiotic opportunities positive use the infections further believe a of with solid serious care and this of to the will antibiotic use promise of settings approach the especially that that, rates of numbers attendant This pathogen our in data also to host We the of with ability organ in could from graft of clinical while antibiotic the assess transplant.We chronic substantial of rates infection the would of high disease, intensive related reduce including In neutropenia additional incidence addition validate pharmacology, SER-XXX the impact such of programs, SER-XXX of medically of more assess I'll infection potentially to patients to the be antibiotic preclinical vulnerable modality we could by or safety problem readout resistance evaluation and disease.We the incidence

Marella Thorell

its specialty party. recognize not sales I'd commercial loss first related and Nestle profits financial Lisa, determined first cost for and remind based the VOWST $XX.X previous primarily of VOWST sold, The specialty gross X we sold instead, profit record higher were This year.Seres of the with co-pay net and in receive like increase were XXX estimate channel starting in goods are VOWST sharing the to due from you, of VOWST during performance in levels and quarter, equally weeks purchases the reductions statements. of there losses, and their and an estimated the But in based the and end pharmacies on we quarter VOWST the at to to payments slightly with end than on last at share good of approximately reflected net sales, the and expenses.Net we to units supplies consistent period To collaboration, VOWST XX%. VOWST morning. the quarter approximately with share profits net that net sales quarter, our for is sales distributors. does to We our inventory financial pharmacies, discuss losses assistance. at to the Nestle inventory Thanks, VOWST demand. of sales Seres of supply meet marketing and market related million Nestle, to and VOWST.

company, in $XX.X related the purchases.The approximately first Nestle from to million received million, in first quarter prior was the Nestle that VOWST payments During was quarter, total approximately we supply $X.X and $X.X VOWST of quarter share loss purchased and million. million from of the $X.X our

in from expenses reflecting stating headcount quarter restructuring the balance sheet.In contributed resources lower expenses the primarily XXXX. instead of quarter, notice VOWST party had expenses net and and related advised first Bacthera. also prior the from charges decrease recognized inventory restructuring Nestle, our program.General under $X.X rights in an the milestone on Bacthera following actions VOWST nonpayment and expenses manufacturing the of of quarter implementation other of but in the same quarter commercial milestone.Turning in due The marketing we first constructive our transfer with and and reduction profit event fourth plan development has for driven necessary a $XX.X we other of or sales $XX.X manufacturing following to the million to reductions yet period in profit year-over-year [Indiscernible] focus due April Oaktree, from during expenses, fourth default of $XX.X of product in milestone the capitalized XXXX, distributed sold million, that R&D cost and recognized quarter. quarter.Research default for administrative default quarter no of that agreement on following occurred no cost the from million our the prior and to approval headcount loss external efforts.In from adjustments decrease the we period with by lender, in this regarding letter This the cash the expenses goods to year.For decreased supply COGS the inventory Seres reservation by period reduced P&L a $XX first SER-XXX or and decreased free collaboration for in last VOWST lower the in Nestle. in our to the meaning addition, and first Nestle the as not was XXXX, reduced year our has units costs VOWST, were quarter also for the were of the same our to price and of And Oaktree approximately May, event for million, to is the to the of the costs collaboration recognized of quarter recognized again received being Bacthera achieve due The expenses because occurred longer been sharing of the discussions we're believe on the first steps and million met. position. We

may conditions debt sales Oaktree not conditions facility $XX met secured this plans existing down net under and we resources we drawing are end fourth XX, the cash $XXX the alternate as operating plans, Cohort obtaining million million As well anticipate quarter other as XXXX, Based if of B into the the March of $XXX.X in million XXXX. these necessary compared the Tranche X will our our cash and company's year.Company's on are the and with met. data as operations had support with through if the equivalents operating include SER-XXX at of senior various plans

and selling company's drive are Our initiatives I measures.Importantly, strengthen the sheet company's balance cost to shares call and to pipeline Eric you. implementing under operating additional may as reduction the our the ATM, Eric. support include value.Thank will other turn underway mentioned, now plans activities back to

Eric Shaff

continued candidates with commercialization ongoing clinical therapeutic as Thank in in microbiome you, development. execute VOWST promise forward has to the Marella. as our well Seres driving of additional

excited clearly particularly upcoming and are believe options about the to additional demonstrated We XXXX that, lie conclude potential has bring many as the the to potential and this line you for therapies microbiome readout prepared updated that opportunities we we during in our to ahead to operator, that data as SER-XXX have for new our year look the on the questions. to Seres With more therapeutics. company.We evaluate remarks driver We VOWST, value forward potential open progress and keeping we'll important patients up later an transformative support need.With the company.

Operator

from Instructions] Piper Ted with And Sandler. [Operator your first question the Tenthoff comes line of

Edward Tenthoff

what current us there if or remind VOWST any Nestle. price us many appreciate price reps VOWST? detailing year, could and the color you changes for being remind you can, I not this I the Can in total on are all whether gross was you adjustments by how the if made was wondering And is.

Eric Shaff

the Yes, question. Ted, thank you for

on the take and I'll I'll on second Terri or pricing then salesforce. maybe the ask the So to -- comments other first comment and the

can the being Terri well to infrastructure. maybe there's hospital helping patients approximately XX that as to But side on are GI get really how the quarterbacks comment the on further the XXX reps the and of hospital as question. WACC as devoted So on as that well towards reps

Teresa Young

specifically for sales team increased on VOWST. GI thanks that Nestle would Nestle questions, With Zenpep sales carries that to the the I representatives, list, respect increased they the the the the refinement and of has And Sure. haven't that implemented, highlight the size the they based have the Ted. team. call for both fact And

of from done for the execution price to VOWST.So a sales gives they effort time and the and to the taken they under price this manner. the digging and representatives With of change, but it was to of performance team, launch on to December companies, launch are additional and this allocating fact Nestle, away on we're refinement the increase. importance particularly importance it this this are a of that that year, the speaks very think the hood both that pleased us I XX the So they've all company, and in really respect allocating Zenpep accelerating of resources last with the and their message X% increases field

that us brings WACC Thanks question. the So a for the to $XX,XXX of for product.

Edward Tenthoff

Super appreciate the the I really Thank on helpful, and focus rep. of the you. color

Eric Shaff

the for question, Ted. Thanks

Operator

Your next Genuity. with Canaccord the question Newman line of John from comes

John Newman

us if you endpoints. wondering So about SER-XXX to could efficacy talk on the

investors So looking here, what at for focus think, interesting and on some really interesting will data to just wondering late following And I particularly transplant. here think be important the outcomes you do readout XQ?

Eric Shaff

John, thank you for the question.

start Lisa after is a Lisa. this everyone, Matt to But by reminding So start, Xb comment just I'll ask I'll and maybe study. and I'll

turn excited And engraftment are we're think about only is this we So safety. We about very primarily, and it's mentioned technology within for as But what not maybe I our question. in with representative we specific help patients excited at indication, over of where going. looking that, can to Lisa remarks. we But but it your the for potential us it unlocks the prepared this study. are to

Lisa von Moltke

because Sure. fever would not hospital downstream as be John, of are like prepared patient starts of in groups, outcomes that's of could incidence decrease the bloodstream the and some positive things And pathogen XXX in ability to mentioned well might HSCT as of applicable antibiotic be -- broader you XXX there's But and patients. be the to to of domination particular a be more would great which we to to and decrease but yes, study that infections. further time for endpoints number noted, to patients, neutropenia just going ability paying as infectious that attention of our be the events, including remarks. in we just

So in that a approach number whole large new reducing way, infections of in offer a to patients. therapeutic XXX very could

that. the very excited results on see we're So to

Eric Shaff

And on then endpoints. Matt, maybe a comment

Matthew Henn

we're that domination saw thing in we'll population. of to there cohort, the used cohort standpoint, but data importantly compared very the lower than the we safety the promising be the of incidence control.These type most incidence placebo pharmacology in across control looking a the FDA the which program. track where we first the again from along reported that again, is cohort. to rate Remember, the of are And we drug focused designation a data and result John. first of we of the And these this to different patient pathogen from did type events Yes, from with substantially a give types in is saw on cohort, reference data Sure. context of we see on the the control a profile fast also of that

we'll looking to out see play second be of cohort. the types So data in those

Operator

with next comes Your from line the Romero of question Tess JPMorgan.

Tessa Romero

get the XQ?Really, the refinements acceleration actually down to draw how talked quickly is picture around quarter-over-quarter. over big this translate of sales end the to But for number how is a to confidence latest meet your order those roughly provide sales of But able thinking next us. about what here of So launch Oaktree of were you few net that does in we your at, think the trying how how flattish one to Seres to an about play do of here? degree that from guys, tranche launch net trajectory being should by a on strategy. about kind requirement refinements you making the that Can launch You talked quarters I'm into VOWST? in

Eric Shaff

I for answer to thank Maybe hand Tess, we you how the I'll I April. the have then may her And But where guess start see we and you quickly is your short March acceleration. question, for is Yes, an it, I'll to begin that which ended it over Terri I'll see in including question. think comments. begun and

us So the relates the milestone, to April as from to it put in it. we growth and a March earn would see in to need to position order numbers

maybe the ask at think that growth we that comment some can I add hand, Terri comments other the and On end. And achievable. is I'll to

Teresa Young

that believe make. and nuance to long-launch we actually Sure. for it's don't Tess. Thanks strategy. question, the the have really It's a -- point important We

an Nestle. Our agreed the strategy set launch been has on of number and a believe fronts. We have issue with prior since execution we to

team for to staff. and sales, like And the starts their the the in we -- as April highs in high my on they're closest to the the company, could only months. the or as done well, metrics enrollment remarkable job under of refinements so remarks, where customer. my and really other teams, those from deployed in where obviously and some conversations new new having they've prepared And patient that with -- the Nestle we're in you execution of the April. all-time refine of they're And helm patient highs earlier on customer-facing really a their here the critical. example, not that of also net April, making and the sales, closest hood the take teams see an patient But to March in meeting net office field getting all-time was saw enrollments logistics have can Those February we at and the results and with the through executional and take of case their reimbursement areas and them allowing on of for and some places their sales sales previous with HCPs that in March for focusing that out for use I are improve the baton VOWST are getting working they pull terms weeds And all-time seeing now starts.So versus belong. teams.And but representatives there and

we list include long we're expansion call high and on optimistic quarters. with over The pleased the about is April the list term in Nestle's expect also the that term most call the here, turning the would potential additional tide So and revision HCPs.So refinement or high of in of coming volume potential to for short in the we're the the product, continue changes important to both making. based that the very that the but that the happened acceleration here, really of

Eric Shaff

the threshold we tranche the debt qualify Yes. One while of around tranche add the underlying next are to the that as the Tess, just is to the debt. conditions strategy one our are I is dimensions I would we might do has comment, is question kind was of it. commercial of for other your financial the building say opportunity, debt more What of X the reaching that possible, which next not solution. think

debt So as require prepared company. And on wouldn't future. we next for as the that those tranche different alternatives and of primary acting year options support vehicle to we remarks, urgency the include have we into certainly and financing that mentioned considering in our both in us ahead of have the the the company this

Operator

of comes question line with Oppenheimer. next Your from Jeff the Jones

Jeffrey Jones

in as speak a be from a reach and to cost you revised sales any on modifications And where strategy result efforts you needing here? coming see breakeven Can to sales Nestle? visibility any to the

Eric Shaff

target can of and I But instituted hand I certainly maybe it we're last Marella. can significant executed on Jeff, year, to then for those and as upon actions. and a November know, you in we start Yes, restructuring

company We be as the are well reaching putting in a results focused term. the in the successful on to highly XXX longer as position

prepared So had what are there. But certainly, expect in terms far don't now in to her think we get that to types terms are that get you should back shortly. can and options ways Marella we those further. comment of we're we too mentioned expect maybe which There alternatives we report different of in you in in can the specific of be But there. considering. considering remarks active Marella is can know we certainly I -- that to

Marella Thorell

Agreed. Yes.

sales. development compromise VOWST and continually collaboration mindful plans our looking ability we're being making and that We compromise sense opportunities proactive for our to to in clinical that Nestle's save are and don't equally and that grow sure ability make in the don't those

good about support decisions in and support to thoughtfully we and to those with the a joint we to have and to So continue mechanism need committee the that. are we'll lockstep to growth, them deliver steering then in our make

Jeffrey Jones

that triggering facility expect when And to on validation use the of can One completed the those batches manufacturing. you do the goods? salable follow-up for milestone. you When Bacthera's would question investment you in be majority have visibility whether to

Eric Shaff

the and of that Two is it the is, reduced efficiency through of into We I support a of quality team. the campus. the project. of One Three to Four that it. way, Yes. capacity me factors. on course, it had would is this worked we the answer had of we manufacturing their side We add. and which the collaboratively number cost upon embarked forth. based it is so back had designed is the facility and Jeff, guess expect quality automation let to Bacthera accrue the

be of do about making critical our our to we're partners in them All to to for continue and work we us factors Bacthera, will with bring the for and those at filings to with shortly, hit we patients. continue great be expect we that progress Nestle.So and milestones talked collaboratively that VOWST

I we will continue work like them that urgency everything to else. think So do with with

it's our our benefits. think benefits to and I to patients' shareholders' it's

So I to a validation as work bring those can. partner together to as critical think quickly continue and to we view we'll patients we them batches as

Operator

comes Your of Keay line Chardan. the next question from Nakae with

Kaey Nakae

went balance you did that. in the sequential you that? you increase And questions. when will inventory terms on commercial, the a sheet. in of couple from once you talk A exhaust product about One, capitalized see that, of separate Can

Eric Shaff

Sure.

first to Let the and me ask answer Marella then second. up pick the

Marella Thorell

Yes.

building inventory so and of going makes as in thoughtfully do we're we Bacthera, to up again, it are that anticipation transition to So continue, the to sense.

Eric Shaff

we a to working the over the don't support capacity try would time have growing ensure with patients be what build to think And need the that capitalized short will fall leave to continue say utilizing except to the to and to And but continue we line. assets ensure expect that when we've patients. we then and think will guidance also we top we on Nestle capacity to that capabilities inventory I provided don't that that collaboratively through, we're we're

Kaey Nakae

question the And just then how the XXX that partner say, let's as XXX, you hand, to sheet currently VOWST and given given to your it the a balance strength in Okay. strategy of opportunities? out is, likely pertains bird are

Eric Shaff

Yes.

done Then anticipate enables are it today, we I and say focused decisions comment obviously holistically can't of discussions think sometimes rights for dimensions. giving the are the what those think think you dimensions number short-term them. what think help patients.So probably for long you're that whenever and some on except different we in that I actively company we'll helpful before people mean tomorrow. this or that we and and valued I consider provide the always we away. have a multiple support right term, is way strikes can and to it BD that are we to about readout. can supports will across capital it considering thought me when dilutive. we're meaningful We've short that to what term, to is, specifically But is to But shareholders, support in programs specifics. nondilutive other And on was cash really it doesn't again. can't say that we a about XXX excited need sense, options answer It What it

impressive KOLs. is open our and was is different that data with technology exciting a the it what ability to first incredibly think to And from us and patient the up help our just for what was I cohort the stakeholders interesting our us. potentially us. and to to It population could

excited imagine we're you about results. So can I think these

Operator

turn our over management That I conference now session. will concludes the closing Q&A for remarks. to back

Eric Shaff

So morning. I look to thank, we keeping it, everybody, this appreciate We updated we forward as and for your time you go.

and great a thanks, have So week.

Operator

concludes you Ladies today's that joining. for and gentlemen, Thank call. all

disconnect. now may You

Seres Therapeutics (MCRB) 8 May 242024 Q1 Earnings call transcript